EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is testing the horizontal support line and forming several reversal patterns, including Hammer. At the moment, we may assume that the price may rebound and reverse to continue forming the descending channel towards 1.1200. However, one shouldn’t exclude a possibility that the price may break the support level and continue falling towards 1.1070.
USDJPY, “US Dollar vs. Japanese Yen”
As we can see in the H4 chart, USDJPY has formed several reversal patterns close to the resistance line, including Shooting Star. Right now, the pair is reversing. Judging by the previous movements, it may be assumed that after testing the channel’s upside border the price may resume trading downwards to reach 108.00. However, we shouldn’t ignore a possibility that the instrument may break the resistance line, update its highs, and continue its growth to reach 109.50.
